Investment Income. Tori invested $8,000 in money market funds. Part was invested at 5% simple interest, and the rest was invested at 7% simple interest. At the end of 1 year, Tori had earned $496 in interest. How much did she invest in each fund?

Question

kropot72 · Answer

Let P be the amount invested at 5%. Then the amount invested at 7% = 8000 - P.
(P * 0.05) + ((8000 - P) * 0.07) = 496
Now you just need to solve to find P.

anonymous · Answer

thank you

kropot72 · Answer

You're welcome :) Let me know if you need help to solve.